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Beneish M-Score -0.29 higher than -2.22, which implies that it might have manipulated its financial results.
The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
Pampa Energia SA has a M-score of -3.64 suggests that the company is not a manipulator.
During the past 11 years, the highest Beneish M-Score of Pampa Energia SA was 0.70. The lowest was -3.41. And the median was -2.36.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Pampa Energia SA for today is based on a combination of the following eight different indices:
|M||=||-4.84||+||0.92 * DSRI||+||0.528 * GMI||+||0.404 * AQI||+||0.892 * SGI||+||0.115 * DEPI|
|=||-4.84||+||0.92 * 2.1163||+||0.528 * -1.549||+||0.404 * 0.5954||+||0.892 * 0.7072||+||0.115 * 1.3417|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.7827||+||4.679 * -0.0517||-||0.327 * 1.2493|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $282.2 Mil.|
Revenue was 172.0375 + 178.82475 + 142.298125 + 174 = $667.2 Mil.
Gross Profit was -7.4 + -2.942875 + -9.427875 + -12.6125 = $-32.4 Mil.
Total Current Assets was $444.8 Mil.
Total Assets was $1,570.3 Mil.
Property, Plant and Equipment(Net PPE) was $862.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $29.8 Mil.
Selling, General & Admin. Expense(SGA) was $149.2 Mil.
Total Current Liabilities was $576.8 Mil.
Long-Term Debt was $365.6 Mil.
Net Income was -12.325 + -20.07625 + 116.480875 + -75.75 = $8.3 Mil.
Non Operating Income was -34.1125 + -0.344125 + -21.986 + -7.7875 = $-64.2 Mil.
Cash Flow from Operations was 86.16025 + 62.419875 + 5.12125 + 0 = $153.7 Mil.
|Accounts Receivable was $188.6 Mil.
Revenue was 305.298 + 235.569875 + 223.907625 + 178.5625 = $943.3 Mil.
Gross Profit was 36.2355 + 6.1 + 7.740875 + 20.85 = $70.9 Mil.
Total Current Assets was $265.4 Mil.
Total Assets was $1,416.4 Mil.
Property, Plant and Equipment(Net PPE) was $753.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $35.3 Mil.
Selling, General & Admin. Expense(SGA) was $118.3 Mil.
Total Current Liabilities was $403.0 Mil.
Long-Term Debt was $277.3 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(282.2375 / 667.160375)||/||(188.5735 / 943.338)|
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(-2.942875 / 943.338)||/||(-7.4 / 667.160375)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (444.7625 + 862.85) / 1570.325)||/||(1 - (265.390375 + 752.987875) / 1416.3585)|
4. SGI = Sales Growth Index
Ratio of sales in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
|DEPI||=||(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))||/||(Depreciation_t / (Depreciaton_t + PPE_t))|
|=||(35.34175 / (35.34175 + 752.987875))||/||(29.82725 / (29.82725 + 862.85))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
|SGAI||=||(SGA_t / Sales_t)||/||(SGA_t-1 /Sales_t-1)|
|=||(149.19425 / 667.160375)||/||(118.336125 / 943.338)|
7. LVGI = Leverage Index
The ratio of total debt to total assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((365.55 + 576.775) / 1570.325)||/||((277.310375 + 403.007125) / 1416.3585)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(8.329625 - -64.230125||-||153.701375)||/||1570.325|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Pampa Energia SA has a M-score of -3.64 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Pampa Energia SA Annual Data
Pampa Energia SA Quarterly Data